Author bio section
I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.
The week that was:
The statement from the last FOMC meeting wasnt much of a change. The fed stuck to keeping the rates low for “extended period”. But how “extended” is “extended” – now that’s anybody’s guess!
- Freddie Mac’s weekly Primary Mortgage Market Survey reported 30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.7 point for the week ending December 17, 2009, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 5.19 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.37 percent this week, with an average 0.6 point, up from last week when it averaged 4.26 percent. year ago, the 5-year ARM averaged 5.60 percent.
- The median price paid for a Bay Area home rose above the year-ago level for the second consecutive month, a reflection of widening price stability, fewer foreclosures selling and more activity in pricier areas. Sales were higher than a year earlier for the 15th consecutive month. The median price paid for all new and resale houses and condos that closed escrow in the nine-county Bay Area last month was $387,000. That was up 10.6 percent from $350,000 in November 2008, according to MDA DataQuick of San Diego.
The week that will be:
This is Christmas Week, the bond market will close at 2:00 on Thursday and all markets will be closed Friday. Trading volume will lessen as the week rolls on; by Wednesday afternoon only skeleton crews will man trading desks. Nonetheless, there is a lot of data this week:
- Existing and new home sales.
- Nov personal income and spending.
- Nov durable goods orders and weekly jobless claims.
These next two weeks are always tricky, potential of wide swings, but normally at the end of it the rate markets are generally unchanged in the period.
Merry Christmas from Arcus Lending 🙂
Read Last week Mortgage Market commentary Here – Weekly Mortgage Market Commentary 12/13/2009
- 97The week that was: The minutes from the 11/4 FOMC meeting were released. Fed's minutes reiterated the Fed isn't anywhere close to increasing interest rates. Fed governors and regional bank presidents predicted the jobless rate will range from 9.3% to 9.7% in next year fourth quarter. Oct personal income increased…
- 84The week that was Oct existing and new home sales were much better than economists thought, the manufacturing sector better than thought, and auto sales stronger. The Nov employment report on Friday really shook things up; job losses only 11K with the unemployment rate lower, to 10.0% frm 10.2% in…
- 82The week that was A little better in the rate markets; the 10 yr note yield fell 12 BPs and mortgages down about 8 BPs. Choppy trade once again characterized the action last week. Treasury had little trouble selling $109B of notes while new home sales increased 9.6 % in…
- 80Your weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home Home owners and buyers. The Week that was: Another bad week for the bond and mortgage markets. The 10 yr treasury note and mortgage rates have now increased 60 basis points in the…
- 79CNN Money reported that China's $200 billion sovereign wealth fund, which suffered big paper losses on stakes in Morgan Stanley and Blackstone, is set to invest up to $2 billion in U.S. mortgages as it eyes a property market recovery. Under the Public-Private Investment Plan (PPIP) launched earlier this year,…